Many people assume you need to put at least 20% down on a home, but not everyone has that kind of cash on hand. The days of easy credit qualification may have come and gone, but there are still options out there for those with the right mortgage qualifications but without a proper savings or liquid assets. Down payment assistance programs can make purchasing more accessible for first-time homebuyers. Keep reading to learn more about down payment assistance programs in the Las Vegas area.
What are Down Payment Assistance Programs?
Whether administered by a local or state housing authority, nonprofit organization or directly through a lender, down payment assistance programs can provide help to qualified homebuyers. They grant a set amount to use on down payment or closing costs.
Financial assistance programs like these typically have strict guidelines regarding who can apply and qualify. These down payment boosts are really meant for people who might otherwise be shut out of the housing market. They are not necessarily designed only for low-income people, but rather working people who just don’t have a down payment saved up yet.
Lenders will check your income, expenses and credit history to assess how much of a risk you are. It’s a good idea to have built up and checked on your credit score before applying. Work on improving your score as best you can before applying for a loan or down payment assistance.
Down Payment Assistance Programs in Las Vegas
There are several popular down payment assistance programs in the Las Vegas area, including:
Both programs have their pros and cons, and slightly different eligibility requirements. If you’re interested in learning more about down payment assistance programs in the Las Vegas area or getting pre-qualified with a participating lender, contact us today!